X Factor: 5 Stocks Reaching Their Ex-Dividend Date on May 7

Entergy Corporation, Wynn Resorts, and Discover Financial Services are on the list.

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Many stocks will reach their ex-dividend date next Tuesday, which is significant for investors as the seller of the stock on that date, not the buyer, receives the most recent dividend.

Astock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. Shareholders listed as holders of record after the record date then receive their dividend on the date of payment established by the company. Those purchasing right before the record date forfeit the dividend and normally get the stock for a reduced amount.

It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.

Below are five stocks that schedule May 7 as their ex-dividend date. All annual yields are estimated.

Entergy Corporation (NYSE:ETR) yields 4.69% annually and has a market cap of $12.62 billion. The producer and distributor of electricity will pay a quarterly dividend of $0.83 on June 3, and the quarterly yield will be 1.17% based on yesterday's closing price of $70.86. The company has paid a quarterly dividend since the end of 1988.

Wynn Resorts (NASDAQ:WYNN) yields 2.95% annually and has a market cap of $13.61 billion. The operator of casinos will pay a quarterly dividend of $1 on May 23, and the quarterly yield of the dividend will be 0.74% based on yesterday's closing price of $135.80. The company has paid a dividend since 2006, and it began paying a quarterly dividend in 2010.

Discover Financial Services (NYSE:DFS) yields 1.82% annually and has a market cap of $21.86 billion. The bank holding company will pay a quarterly dividend of $0.20 on May 23, and the quarterly yield will be 0.45% based on yesterday's closing price of $43.98. The company has paid a quarterly dividend since the second half of 2007.

Starbucks (NASDAQ:SBUX) yields 1.39% annually and has a market cap of $45.39 billion. The global coffee company will pay a quarterly dividend of $0.21 on May 24, and its quarterly yield will be 0.35% based on yesterday's closing price of $60.58. The company has paid a quarterly dividend since 2010, and each dividend payment has either increased or remain the same from the prior quarter.

These companies also have their ex-dividend date on May 7. All annual yields are estimated.

Sunoco Logistics Partners (NYSE:SXL) yields 3.75% annually and will pay a quarterly dividend of $0.5725 on May 15.

Philips Electronics (NYSE:PHG) yields 2.99% annually and will pay an annual dividend of $0.8346 on June 5.

Sensient Technologies Corporation (NYSE:SXT) yields 2.37% annually and will pay a quarterly dividend of $0.23 on June 3.

MarketAxess Holdings (NASDAQ:MKTX) yields 1.23% annually and will pay a quarterly dividend of $0.13 on May 23.

EverBank Financial Corporation (NYSE:EVER) yields 0.50% annually and will pay a quarterly dividend of $0.02 on May 21.

Purchase -- and have your broker settle -- before the ex-dividend date to secure the dividend.